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Determining Adequate Coverage:
Do I have enough?

At Tidewater Insurance Brokers, we’re committed to ensuring our community is well-protected. Let’s dive into the key considerations to determine if your homeowners insurance is sufficient.

Dwelling Coverage

Replacement Cost vs. Actual Cash Value: Your dwelling coverage should align with the cost to rebuild your home, not necessarily its market value. Replacement cost policies offer funds to rebuild your home to its original state, while actual cash value considers depreciation, offering a payout that subtracts wear and tear.

Regional Concerns

Flooding & Hurricane Protection: While standard homeowners insurance covers a myriad of threats, flood damage isn’t typically one of them. In Tidewater, with our proximity to the coast, a separate flood insurance policy is a wise consideration. Similarly, understanding your hurricane deductibles and how they are applied is vital.

Personal Property

Taking Inventory: Periodically, you should review and catalog your belongings, especially high-value items. Based on this, decide if standard coverage suffices or if you need additional riders for things like jewelry, artwork, or electronics.

Liability Protection

Beyond the Basics: If someone gets injured on your property or you cause damage to another person’s property, this coverage steps in. Given the litigious nature of today’s society, it might be wise to have coverage beyond the basic requirement. Also, consider an umbrella policy for added protection.

Living Expenses

Additional Living Expenses (ALE): If a disaster forces you out of your home, ALE covers the costs associated with temporary housing, food, and other essentials. Ensure this coverage is in line with your lifestyle and potential costs in the Tidewater region.

Regularly Review and Update

Life Changes, So Should Your Coverage: Regularly consult with your insurance broker (that’s us!) to discuss changes in your life, from home renovations to the purchase of valuable items. These changes can significantly impact the amount of coverage you need.

Discounts and Deductibles

Balancing Premiums and Protection: Higher deductibles generally mean lower premiums, but ensure that in the event of a claim, you can comfortably afford the deductible. Also, explore discounts for security systems, bundling policies, or being claims-free.

Ensuring that you have the right amount of homeowners coverage isn’t just about ticking a box; it’s about safeguarding your most cherished asset and maintaining peace of mind. Here in the Tidewater region, where the marriage of history and nature is evident, it’s our responsibility to preserve and protect.

Reach out to our dedicated team at Tidewater Insurance Brokers to discuss your specific needs and ensure your home has the coverage it truly deserves.

get in touch

Give us a call at 757-302-5639 for a free quote or contact us below!